Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Monthly Chinese Express Tracker | Volume, Price Trends | ZTO Rejoins Volume Game | (March 2025)

Q424 ZTO Express Results & FY25 Guidance: Revenue Growth & Margin Better, But OpCF Shrinking; AVOID

Monthly Chinese Express Tracker | March, Q125 Growth Solid | But Shares Lag Alibaba (April 2025)

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Equity Bottom-Up

<ul>
<li>SF Hldg had <em>slowest</em> Q125 revenue growth among China-listed express companies, STO <em>fastest</em>
</li>
<li>Only these two express firms reported margin expansion in Q125 -- how'd they do it?</li>
<li>Q125 results suggest two very different paths toward improved express profitability</li>
</ul>


SF Hldg had slowest Q125 revenue growth among China-listed express companies, STO fastest

Only these two express firms reported margin expansion in Q125 -- how'd they do it?
Q125 results suggest two very different paths toward improved express profitability


Cainiao Smart Logistics Network (1437124D HK)

Chinese Express: SF, STO Enjoyed Margin Expansion in Q125; YTO, Yunda Saw Margins Contract

S.F. Holding

Chinese Express: SF, STO Enjoyed Margin Expansion in Q125; YTO, Yunda Saw Margins Contract